A monopolist has the following fixed and variable costs
Complete the table
The profit-maximizing monopolist produces a quantity of ________
Homework Answers
A monopolist has variable costs of VC = q2 and faces a demand curve of P = 24 – q, where P is price and q the quantity sold. If the monopolist sets a single price what is profit (assume there are no fixed costs)?
A monopolist has variable costs of VC = q2 and faces a demand curve of P = 24 – q, where P is price and q the quantity sold. If the monopolist sets a single price what is profit (assume there are no fixed costs)?
Consider a monopolist who has constant marginal cost of $20 and no fixed cost. This monopolist...
Consider a monopolist who has constant marginal cost of $20 and no fixed cost. This monopolist can distinguish between students and non-students. The demand function for each consumer group is as follows: Students: P = 200 − Q. Non-students: P = 400 − 2Q. (a) Find the profit-maximizing quantity to sell to each group. (b) Find the profit-maximizing price to charge to each group. (c) Calculate the monopolist’s profit.
Table 15-6 A monopolist faces the following demand curve: Quantity Price 1 $15 2 $12 3...
Table 15-6 A monopolist faces the following demand curve: Quantity Price 1 $15 2 $12 3 $9 4 $6 5 $3 Refer to Table 15-6. Suppose the monopolist has total fixed costs equal to $5 and a variable cost equal to $4 per unit for all units produced. What is the total profit if she operates at her profit-maximizing price? a. $11 b. $9 c. $1 d. $7
P10. A perfectly competitive firm has the following fixed and variable costs in the short run....
P10. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $150. a. Complete the table. Output FC VC TC MCTR MR Profit/ Loss $100 100 100 100 100 440 100 $0 100 180 300 600 6100750 b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average d What...
Suppose a monopolist faces the following demand curve: P = 440 – 7Q. The long run marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist’s...
Suppose a monopolist faces the following demand curve: P = 440 – 7Q. The long run marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist’s profit maximizing level of output? B) What price will the profit maximizing monopolist produce? C) How much profit will the monopolist make if she maximizes her profit? D) What would be the value of consumer surplus if the market were perfectly competitive? E)...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop?...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop? Chapter 6 Question: Adam Smith in The Wealth of Nations asserted that the pursuit of self.in terest by competitive firms promoted the interests of society. What did he mean by this? Chapter 7 Question: What circumstances might cause a monopolist to charge less than the profit-maximizing price?
An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows:
An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.
1. A monopolist faces demand given by P=18-0.50(MR-18-Q) and produces with a constant marginal cost of...
1. A monopolist faces demand given by P=18-0.50(MR-18-Q) and produces with a constant marginal cost of $10. Assume that there are no fixed costs. i. Solve for the profit-maximizing quantity and price. What is the firm's profit? ii. If this was a competitive market, what would the equilibrium price and quantity be? iii. Graph D, MR, and MC curves for the monopolist. Show the area that represents the social gain if the monopolist was forced to produce and price at...
Consider a single-price monopolist (i.e. the monopolist cannot price discriminate) facing the following market demand curve:...
Consider a single-price monopolist (i.e. the monopolist cannot price discriminate) facing the following market demand curve: P = 120 − Q. The monopolist has constant marginal cost of $20 and zero fixed cost. (a) Determine the monopolist’s profit maximizing quantity, denoted QM, and profit maximizing price, denoted PM. (b) Determine the quantity and price that would result in the market if this instead were a competitive market, denoted QC and PC, respectively. (c) Draw a picture of the market demand...
Refer to the accompanying table, which represents the costs and production for a monopolist. Price Quantity ...
Refer to the accompanying table, which represents the costs and production for a monopolist. Price Quantity Fixed Cost Variable Cost $15 0 $5 $0 $13 1 $5 $4 $11 2 $5 $9 $9 3 $5 $14 $7 4 $5 $20 $5 5 $5 $29 The profit-maximizing quantity for this firm is: A. five. B. zero. C. one. D. three. E. four. Suppose that the owner of a smartphone monopoly hires...
P10. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $150. a. Complete the table. Output FC VC TC MCTR MR Profit/ Loss $100 100 100 100 100 440 100 $0 100 180 300 600 6100750 b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average d What...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop? Chapter 6 Question: Adam Smith in The Wealth of Nations asserted that the pursuit of self.in terest by competitive firms promoted the interests of society. What did he mean by this? Chapter 7 Question: What circumstances might cause a monopolist to charge less than the profit-maximizing price?
An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.
1. A monopolist faces demand given by P=18-0.50(MR-18-Q) and produces with a constant marginal cost of $10. Assume that there are no fixed costs. i. Solve for the profit-maximizing quantity and price. What is the firm's profit? ii. If this was a competitive market, what would the equilibrium price and quantity be? iii. Graph D, MR, and MC curves for the monopolist. Show the area that represents the social gain if the monopolist was forced to produce and price at...
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